So we’re trying to sort of adjudicate our is the channel just becoming more efficient and moving to much lower inventory profile permanently or we sort of had an interesting point in time where the density of hardware in the channel is unusually low. We’re not real sure yet, but till we figure that out we want to be judicious with our hardware guide and we looked at that when we put together the number for the year.
Operator: Our next question will be coming from Jack Vander Aarde of Maxim Group.
Jack Vander Aarde: Okay, great. Thanks. Thanks, Stephen T, Steve V. Great to see strong results, raised outlook. I’ll start with a question for Stephen Trundle. Can you speak to your dealer channel partners? And just what’s the overall sentiment and kind of morale of the channel overall? And just how are they navigating the current competitive environment? Just any updates there from your channel?
Stephen Trundle: Sure. No, it’s a great good question because I already this year have been out to a few dealer events. So I’ve got a kind of a fresh feel for what the sentiment is. And I would say generally they’re very — you have to break — I mean, our channel is big. We have lots and lots of service providers. Most recently, I’ve spent a lot of time with the midsized smaller service providers. They provide a lot of balance in our business and represent the bulk of our service providers. There’s a lot of kind of encouraging the morale is very good there, I would say. There’s lots of opportunities, particularly as video moves to the cloud, lots of commercial locations that want to upgrade, take advantage of new analytic capabilities, take advantage of new remote monitoring capabilities.
So the wealth of things that they are able to sell today that are desired by the customer. I’d say this is just generally been a trend over the last five years, which is what most of those service providers are selling today is actually something that the customer really wants and is desirable, especially with the capabilities that are enabled with video analytics, with the cloud access control piece. So the excitement seem to be there. Now when you get into other parts of the market that are focused more on residential mass market, I would say it’s tad more neutral is the sentiment at the moment. Folks are wondering what’s going to happen with the economy, what’s going to happen with moves, what’s going to happen with new home starts, those type of sort of macroeconomic concerns create probably a bit more of a neutral stance there.
But overall, I’d say folks are mostly upbeat.
Jack Vander Aarde: Great. That’s helpful. That’s helpful color. Thanks, Stephen. And maybe just a question for Steve Valenzuela. I appreciate, understand you’re not providing the total subscriber count at the end of the year, but something would just be helpful maybe if you can. Can you speak to anything in terms of international connected properties or international SaaS revenue as a percentage of the overall? I think you said commercial was about 9.4%, something near 10% of the SaaS revenue. Just anything to provide from a subscriber growth or subscriber count or percentage of revenues for international and commercial?
Steve Valenzuela: Yes, international is actually 4% of our total revenue. International continues to do well. It grew about the international SaaS revenue in 2023 grew about 25% year over year. And with EBS especially, we’re excited about the opportunity going forward with the communicator that’s going to be coming on this year. So we think there’s quite a few opportunities there internationally. And commercial as you mentioned, commercial occupancy grew quite well in 2023 as well, and it was about 9.4% of the total SaaS.
Jack Vander Aarde: Got you. So just to clarify, international about 4% of total revenue and up around 25% commercial revenue about 9.5% of total SaaS revenue and growing very strong. Okay. Well, great to hear guys. Thank you. I’ll hop back.
Stephen Trundle: International SaaS actually 25% year-over-year, yes. Sorry, quite a few numbers there to mix up. Yes, because we disclosed international revenue in our Ks and Qs.
Jack Vander Aarde: Got you. I appreciate the color. Thank you.
Operator: [Operator Instructions]. And I’m showing no further questions. This concludes today’s conference call. [Operator Closing Remarks].
